Over the past two months, the number of cryptocurrencies with a market value of $ 1 billion has doubled since Cointelegraph last reported performance. There are currently 100 projects with a market value of $ 1 billion.
Unicorns are typically over $ 1 billion in private startups, but mainstream economics increasingly uses the term to refer to high-value cryptocurrencies that organizations can now only familiarize themselves with.
The entry of institutional investors into the cryptocurrency sector in 2021 has become one of the growth drivers of the ecosystem as a whole: billions of dollars of companies such as Tesla, Square and MicroStrategy are converting part of their cash reserves into bitcoins (BTC) and other major currencies.
Decentralized economy (DeFi), non-fungal tokens (NFT), and oracles were the main growth sectors in the cryptocurrency ecosystem, which helped bring many projects to the unicorn level, while stablecoin-related protocols also jumped in value. This helps provide a solid foundation for industry growth.
In this post, you’ll find an update on some of the most important crypto unicorn projects, as well as an introduction to some of the recent billion dollar club members.
Non-fungal icons grab attention
Over the past two months, non-mushroom tokens have taken over the world as celebrities, influencers, fast food restaurants and renowned auctions have joined in the creation, sale and distribution of unique digital assets.
Enjin Coin (ENJ) was one of the largest recipients of the NFT increase, which helped push the ENJ price up to a permanent high of $ 3.08 on March 15 and elevate the project to Unicorn status with a market value of $ 2. ., 6. billion
Planning 4 hours ENJ / USDT. Source: TradingView
The upcoming JumpNet launch on April 6 will allow the creation and distribution of ERC-1155 tokens in the Enjin ecosystem for free, and community excitement about this launch seems to be encouraging investors about ENJ.
Other notable NFT-related players at Unicorn Club include the Decentraland (MANA) virtual reality platform, which lets you buy digital parcels that can be developed and make money, and Flow (FLOW), a developer-friendly blockchain designed to be the backbone. for next generation games, applications and resources. Digital support “.
The DeFi Ecosystem Expands
The impact of decentralized finance on the cryptocurrency ecosystem is undeniable as much of the sector’s growth over the past two years can be attributed to DEXs like Uniswap and breeding platforms like Yearn.finance (YFI).
The high transaction costs and network load on the Ethereum network have led to user migration and liquidity to cross-chain compatible platforms, and have also helped lift many of the DeFi protocols built on Binance Smart Chain (BSC) above the billion dollar mark.
PancakeSwap (CAKE) was one of the brightest stars of the BSC, rapidly climbing the charts during February and March, reaching a market value of $ 2.55 billion.
Total cost locked on PancakeSwap. Source: Davey Lama
Defi Llama’s data shows CAKE is currently ranked as the fifth largest DeFi platform after a total insured value of $ 6.18 billion, which is currently listed on the protocol.
One of the protocols running on the Binance chain and the Ethereum network is THORChain (RUNE), whose 700% price increase since January 1 has brought the project’s total market value to $ 1.95 billion.
Lately, optimism about the project has been fueled by the launch of THORChain Multichain, which launched in Genesis on April 2 and is expected to launch between April 13 and 16.
Bridges are built over chains and communication protocols
Platforms that offer a lower tax environment for Ethereum, including Layer 2 solutions and discrete blockchain networks, have received additional attention in the past two months due to standard gas prices.
As a symbol of the launch of transactions on BSC, Binance Coin (BNB) has shown a price increase so that the token was among the top three in terms of market value, which now hovers around $ 53.55 billion.
Polygon (MATIC) also became one of the Layer 2 protocols chosen for Ethereum after Polkadot on Ethereum, helping to stop the flow of projects and liquidity leaving the network.
With several popular unicorn projects already working on the Polygon protocol, including Aave (AAVE) and SushiSwap (SUSHI), MATIC appears to be well positioned to grow further as a rising rhino star.